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Salinas California Form 1040 (Schedule Eic): What You Should Know
To qualify for the ETC, you must meet income criteria, and you must file a tax return and pay taxes. The ETC applies to earnings from wages, self-employment income or a profit-sharing plan. This site is updated daily. For more information about the ETC for EIC, go to: US Tax Forms and Publications. The IRS has a detailed tax form chart which explains what is a benefit and what is not. This form chart may be found here and also at: US Tax Forms and Publications Filing requirements for the ETC can be found here. In most cases the income eligibility determination for each tax year is made at the beginning of April, although exceptions may apply. You may be eligible for up to six payments of the credit, depending on your filing status, your combined family size, and what type of work you perform. A work payment does not include any wages or other compensation paid to you, unless it comes from an employer, a business, a partnership, a trust, or an estate. You may need an application form if your work in a “specified” occupation. If you do not file an application form, you will not be considered a qualified individual or a qualified family during the year. For some people an application form may not be needed, but the IRS also allows you to file a Form 8907 electronically. Electronic filing is especially convenient to file EIC's that are not due in paper form. An application form is also necessary if you expect to be compensated in foreign currency. It can be useful for those who plan to pay dividends or dividends on interest or other investment income in a foreign country. There are many people who qualify based on what jobs they do or don't do, or what kind of business they start. For example, if you are paid less than a certain amount in a position where you perform the same duties as some other workers, like an electrician, you may be considered for this credit even if you do not do that specific job. If you don't work for someone for a long period of time, such as if you're a part-time employee, you can still qualify for this credit. However, you can't qualify based on your hours worked in a specified position as long as you do some other work or are on leave from your job for a longer amount of time.
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